Professional Documents
Culture Documents
QS TopMBA.com
Jobs & Salary Trends
Contents
Introduction
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1999-2014
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6.4.2.Latin America
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6.4.3.Western Europe
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6.4.4.Central Europe
45
6.4.5.Asia-Pacific
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Introduction
The MBA (Master of Business Administration) is a graduate management degree that prepares
professionals for management responsibility. It is one of the best-known degrees in the world,
with more people taking it than any other postgraduate course. Deciding to take an MBA is
a crucial step in an individuals career.
Since 1990, the QS Intelligence Unit, in collaboration with TopMBA.com, has conducted an
annual survey of MBA employers worldwide to determine trends in international salaries and
recruitment. QS is proud to produce the longest established, geographically broadest and
most comprehensive global review of MBA jobs and salary trends.
The 2014 International Employer Survey is as extensive as ever and presents an unrivalled
overview of the world MBA recruitment market. For the purpose of this report, responses
were received from 5,669 (4,318*) respondents from companies in 54 (39) countries, actively
recruiting MBAs** over a three-year period, with 1,632 brand new respondents in 2014.This
represents approximately four times the response of the GMAC MBA Employer Survey and
approximately ten times the response level of the Bloomberg Businessweek MBA Employer
Survey.
The 2014 QS International Employer Survey was conducted between March and July 2014.
** Comparative figures for 2013 are shown in brackets throughout the report
****QS Global Employer Survey also collects responses from companies seeking to hire
masters and undergraduate level students. In total 28,759 employer respondents
contributed to our reports in 2014.
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QS obtains information directly from the employers who hire MBA graduates, offering unique
up-to-date insights into salary and MBA job trends around the world. Each respondent is
designated as being responsible for MBA recruiting within his or her company, whether as a
whole or in a division.They are asked to identify their geographical responsibilities, confirming
whether they recruit locally, regionally or globally.The data includes specific analyses by sector,
geography and year. Time trend analysis as well as sector and regional variations have been
incorporated into this final report.
As the demand for MBAs grows around the world, it is increasingly important to differentiate
between local MBA employers who seek MBAs purely from local institutions, versus
employers with an international recruitment mandate seeking MBAs from a top-tier of up
to 200 global business schools. In particular, throughout the report, we seek to distinguish
salaries offered by local employers versus offers made by international employers.
QS produces a separate report World Business Schools Rankings Full-time MBA that
identifies the institutions most sought after by international MBA employers.
QS TopMBA.com also collects data directly from business schools which report average
salaries achieved by graduating students; this data is included in section six for comparison
with the data reported by employers.
QS further differentiates its research by the objectivity of its position as a third party, operating
between recruiters and business schools. Our long established contacts with recruiters who
share their information with QS, and the bank of data on MBA recruitment and remuneration
built up by QS over the last 20 years, allow meaningful trends to be identified over time. QS
operates the website www.global-workplace.com which provides career opportunities and
networking facilities exclusively for member business schools. Over 100 business schools and
1,000 employers subscribe to QS Global-Workplace.
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With employers forecasting 12% growth in MBA demand in 2015, we are perhaps seeing the
emergence of a mature qualification with a long-term growth rate likely to swing between
6-12%, rather than the phenomenal 15% average growth reported by QS TopMBA since 1990.
Since 1990, the MBA qualification has played a central role in the globalisation of business, with
export oriented companies in Western and emerging markets fuelling worldwide demand
growth for MBAs.
MBAs = Mobile, Bright, Ambitious
15% = Average Growth in MBA Demand Worldwide 1990 2012
10% = Average Growth in MBA Demand Worldwide 2013-15e
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~~ ASIA After several boom years, demand for MBAs in Asia is settling at
a sustainable rate of 11% per year. In recent years, the MBA qualification has
been embraced by Asian employers, particularly in India and China, where demand is
growing in consulting and professional services, manufacturing, IT/computer services,
finance and micro-finance. Since 2011, India has been vying with the USA to be the
largest MBA job market and there is no sign of this trend reversing with forecast
growth of 8% in 2015.
~~ MIDDLE EAST - From a small base, MBA demand has grown rapidly in
recent years and it is not surprising that growth rates have settled down to
just 2% in 2014. Growth has centered on the recovery in the United Arab Emirates
and Saudi Arabia. Parts of Africa are reporting optimism for 2015 MBA demand in
sectors like energy, mining, consulting and finance. Demand is forecast to jump by 12%
in 2015.
~~ LATIN AMERICA - MBA demand in Latin America has become much
more plentiful in recent years amongst local employers and this trend is continuing,
albeit at a more sustainable growth rate of 7% in 2014 after a year of 10% growth in
2013. Employers in the region are utilising MBAs as a key talent pool as companies
battle to internationalize across the region. Brazil, Argentina and Mexico continue to
be the engines of MBA growth in the region.
By Sector:
~~ ENERGY Although relatively small by volume, but very attractive to MBAs,
the large energy companies have reported 18% growth in MBA demand in 2014,
supplemented by many smaller companies operating in renewable energy fields.
~~ TECHNOLOGY The big story in 2014 is the spread of demand amongst global
technology companies, which are now recruiting in almost every region of the world.
Top technology firms such as Amazon and Apple feature prominently in rankings of
popular MBA employers as multinationals spread their reach to recruit MBAs from
a growing number of business schools all around the world, in large numbers. Miriam
Park, who heads up Amazons MBA recruiting team, says, We love MBAs because
theyre strong analytical thinkers and problem solvers. They are a strong pipeline of
leadership talent for the long-term. Other technology companies are responding
in kind with several expanding (or establishing for the first time) large global MBA
recruitment programs. High tech/electronics companies report 11% growth in
demand in 2014. IT/computer services report 8% growth whilst telecoms report 7%
growth.
~~ CONSULTING Since 1990 there has been a six-fold increase in the number
of MBAs recruited annually by the consulting sector. The global expansion of
this industry and the demand for MBAs have gone hand in hand. Consulting and
professional services report a 9% demand growth in 2014 continuing this longstanding pattern, albeit at a slower rate than previous years. Consulting is a bellwether
of the health of the MBA and the sector is forecasting 8% growth in 2015.
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~~ MEDIA Media & Entertainment has traditionally been a small sector in terms of
MBA demand but 2014 has been the best year for MBA hiring since the dotcom
boom, with 11% growth reported. The spread of broadband is fuelling the demand
amongst traditional media companies looking to digitise their products and also
amongst many smaller companies seeking to become new media giants. Facebook and
LinkedIn are the biggest brands embracing MBAs, but the list of hiring companies is
extensive.
~~ MANUFACTURING & FAST MOVING CONSUMER GOODS Though
not seen as typical MBA recruiters, there are a growing number of local and national
players who seek MBAs (salaries tend to be below average). Consumer goods is
reporting 12% growth in 2014, whilst manufacturing is reporting 10% growth and the
numbers being hired are significant, especially in emerging markets.
By Employer Requirements:
The MBA recruitment market is probably the most globally flexible recruitment market of
any profession, with employers willing to embrace career changers and targeting an incredible
breadth of nationalities and skill sets. Our 2014 research reveals that employers continue to
seek more experienced MBA candidates, preferably with international experience, combined
with strong interpersonal and soft skills. Employers also are increasingly willing to look
internationally to find the right talent.
~~ In 2014, we identify that more MBA employers are recruiting on a panregional or global basis, rather than on a purely domestic basis.
Despite only 19% of respondents focusing on global recruiting compared to 32%
last year, it is not that North American employers have withdrawn from global
MBA hiring. Rather, we have seen a big increase in the numbers of domesticonly recruiters returning to MBA hiring in 2014, reflecting the growing strength
and confidence in the US economy. Amongst North American recruiters 63%
focus purely on national recruiting whilst 13% are localised in their search. Not
surprisingly, Asia is the next biggest source region for these employers as the
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~~ In recent years there has been a steady drop in employer demand for
MBAs with less than three years of experience and especially for MBAs
with less than one year of work experience. This trend has continued in
2014 33.6 % in 2014 compared to 35% in 2013. Demand for young and preexperienced MBAs is low in Western Europe and Latin America in both these
regions there is an above-average demand for MBAs with 5 to 8 years of work
experience. By contrast, Asia-Pacific employers are much more willing to recruit
younger MBAs with 0 to 3 years experience.
~~ Some significant changes have appeared in the functions offered to MBAs in 2014.
Business development and marketing are the two most popular functions on
offer, overtaking general management, finance (other) and consulting.
11
~~ The favorite MBA majors/study specializations amongst employers are strategy and
leadership, whilst business innovation has been growing in popularity in
recent years and has caught up with finance.
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12
Overall MBA salaries have increased 4% on average in the mature North American and
Western European markets for the first time in several years, with an average salary of
$94,200, whilst average MBA compensation in North America (including bonuses) is up a
whopping 15% to $128,600. With evidence of MBA demand picking up steadily in North
America as well as in several European markets, we continue to predict that MBA salaries are
likely to increase again in 2015 in these regions. At the elite end of the MBA hiring market
we see salaries between $110,000 and $150,000 as the norm in North America and Europe.
The QS TopMBA.com Jobs & Salary Trends Report provides the first view of MBA
compensation trends in 2014 based on our survey of 5,669 actively hiring MBA recruiters,
including 1,632 new respondents.
~~ Average total compensation offered by MBA employers in North America increased
by 15% to $128,600 ($112,200), with salaries of $97,700 and bonus of $30,900.
~~ Total compensation offered by MBA employers in Western Europe grew by 3% to
$112,600 ($109,100). By contrast, total compensation for MBAs in Central & Eastern
Europe is $72,700, up 6%.
~~ Total compensation offered by MBA employers in Asia-Pacific actually fell by 2% to
$86,000 after several years of strong growth. MBA salaries in the region remained
roughly flat at $68,000 with bonuses being cut back.
~~ Total MBA compensation in Latin America, at $71,400, and Middle East, at $70,300,
were both slightly down in 2014, compared to 2013. This can be explained by
increases in the numbers of local employers in sectors like consumer goods and
manufacturing, which typically offer below- average salaries. Salaries offered by
international employers in these regions were flat.
When comparing salaries and compensation by country, QS looks only at responses from
domestic employers: The top ten countries in terms of average domestic MBA compensation
in 2014 are: Switzerland ($122,000),Australia ($115,600), Denmark ($112,000), UK ($98,000),
USA ($93,200), France ($89,800), Germany ($89,800), Spain ($83,100), Japan ($83,000), and
Canada ($87,500).
Ten years ago an MBA was effectively a passport into a career in strategy consulting and
investment banking with salaries as much as 50% higher than those in other sectors. These
sectors still pay well, but they are no longer the top-paying sectors as they were in the past.
~~ Metals & Mining Among all employers in Europe and North America, the highest
paying sector in 2014 remains metals & mining, offering an average MBA salary of
$134,250 ($139,000).
~~ Energy This sector has seen a surge in employment demand in 2014, jumping into
the No. 2 spot for average salaries on offer, at $107,000.
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19%
13%
Asia Pacific
Eastern Europe
14%
30%
Latin America
US & Canada
18%
6%
Western Europe
Responses were received from employers across the globe, with 19% of employer respondents
based in Western Europe, 14% in North America, 30% in Asia-Pacific, 6% in Eastern Europe,
13% in Middle East and Africa, 18% (of which the majority were hiring locally) in Latin America.
Among respondents in Asia-Pacific, 12% were employers in Australia and New Zealand. This
breadth of response provides detailed insights into MBA recruiting patterns across the globe.
22.1%
21.9%
22.4%
17.6%
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56.0%
23.1%
16.4%
54.5%
66.0%
2012
2013
2014
In 2014, a higher proportion of respondents worldwide was made up of large companies with
over 250 employees. This points towards a potential shift in the MBA recruitment market
from small consulting and financial services firms to larger industry players.
400
600
800
15
1000
Aerospace / Defence
Construction / Property
Consulting / Professional Services
Electronics / High Technology
Energy
Consumer Goods
Financial Services / Banking
IT / Computer Services
Law
Manufacturing / Engineering
Media / Entertainment & Arts
Metals / Minig
Pharmaceuticals / Biotech & Healthcare
Public Sector / Govt. / Non-profit
Recruitment / HR service
Retail
Telecoms
Transprtation / Distribution
Travel / Leisure / Hospitality
Utilities
Other
Eduction
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Consulting and professional services was the largest responding sector in 2013 and once
again in 2014. Banking and financial services was the second largest responding sector,
followed by manufacturing and engineering, which displaced HR/recruitment services from
third place. IT, consumer goods and pharmaceuticals were also extremely well represented in
the sample. Companies select their own industry definition and the other category is made
up of respondents across all sectors who felt their companies did not quite fit the narrow
industry definitions provided.
Finance
Industry
Technology
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Asia
Europe
US & Canada
Latin America
AT Kearney
Accenture
Deloitte
Deloitte
BCG
KPMG
IBM
PwC
Towers Watson
PwC
Commonwealth Bank
AXA
American Express
Banco Santander
Citibank
Bloomberg
BlackRock
Bancolombia
BBVA Continental
Nomura
BNP Paribas
Citibank
OCBC Bank
Deutsche Bank
ING
HSBC
Air Liquide
Abbott
3M
Colgate Palmolive
Alstom
Alstom
Best Buy
Daimler
Exxon
Baxter
Bayer
ConAgra Foods
Bombardier
Boehringer
DHL
Merk
Hitachi
Alcatel-Lucent
Brightstar Corporation
Hewlett-Packard
Microsoft
Apple
Atos
LG Electronics
Avaya
Oracle
BlackBerry
Tata
Microsoft
Microsoft
MercadoLibre
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Since the financial crisis, MBA employer demand contracted only slightly in 2009 and 2010
but had a stellar year of over 25% growth in 2011, fuelled by a boom in demand in emerging
markets. Since 2012, we have seen steadier growth, slightly below the long-term growth rate
of 15%.
With the on-going economic recovery, North America and Europe will see renewed demand
for MBA graduates.This, combined with steady demand growth in emerging markets, suggests
that we are perhaps seeing the emergence of a mature qualification where the long-term
growth rate is likely to swing between 6 and 12% per year, rather than the phenomenal 15%
average growth reported by QS TopMBA since 1990, as shown in the chart below.
Consulting
Finance
Technology
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
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From 1990 to 2012 worldwide demand for MBAs grew at an average compound annual
growth rate of 15%. This growth was spread across all the major continents and focused on
graduates from the worlds top 200 business schools, in particular.
There have been dips in demand.The period 1990 to 1992 saw a brief global contraction that
impacted MBA demand. Between 2001 and 2004 following the dotcom crash, slow growth
in major economies as far apart as the US and Japan, took its toll and demand for MBAs fell
sharply. By contrast the post-Lehman financial crisis of 2008-10 proved to be relatively benign
for MBAs.Although there was retrenchment within financial services overall demand was flat
and then recovered quickly.
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So why has the MBA experienced this long-term growth of 15% annually? The answer lies,
firstly, in its flexibility, allowing early career professionals to bring about significant career
changes in either industry or function, and perhaps most importantly to relocate to a new
part of the world.
Isabella Pinucci, career service coordinator at Italys SDA Bocconi School of Management, says
changing one or more aspects of their careers motivates many MBAs. Whether its sector,
industry or function or country or region, [switching careers] seems to be driving a greater
proportion of candidates.
Secondly, an MBA is increasingly a recognized route for accelerated career progression for
aspiring business leaders. For example, it has become common for engineers and technology
managers to take an MBA to help progress from a technical to a managerial position, or if
already managing a team, then to reach the next step in their career.
Thirdly, the MBA qualification fosters entrepreneurs who start businesses and then come
back and recruit MBAs into their small, fast-growing companies. There will always be the
Bill Gates and Michael Dells of this world who drop out of college only to become wildly
successful. Yet ask a venture capitalist or an angel investor what they look for in aspiring
entrepreneurs, and beyond the requisite experience in the chosen field, an MBA is usually
mentioned.
Demand for MBAs in consulting has been growing consistently.The chart above reveals that the
absolute number of MBAs hired into the consulting sector has more than tripled since 2000,
and increased six-fold since 1990. As business becomes ever more global and complex, the
demand for specialised consultancy skills is growing exponentially, and the MBA qualification
is a key selection criteria for a sector that values generalist skills and deep intellect above all
else. This enormous expansion in MBA demand in the consulting sector simply reflects the
enormous growth in this industry since 1990 consulting services generated over US$100
billion by 2007, up from US$10 billion in 1990.
The chart reveals that MBA demand in financial services has also increased, albeit less rapidly
than consulting doubling between 2000 and 2007 and, following a period of retrenchment,
seemingly entering a new growth phase since 2012. Despite the drama of financial crises,
MBA demand has remained remarkably resilient in this sector over the long term. However,
demand in financial services is not recovering at the same pace as consulting within developed
markets.
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Since the turn of the millennium, MBA demand in general industry (consumer goods,
construction, energy, manufacturing, mining, retail, etc.) has really taken off as demand in
emerging markets has accelerated. In 2014, there have been more MBA jobs reported in
general industry than in financial services.
Demand for MBAs in the technology sectors has experienced an era of unprecedented
growth, especially in Asia. As reported last year, more and more high technology and
computer services companies are looking to MBAs to commercialise their products. Most of
this growth is taking place in Asia with big US employers actively hiring in the region. In 2014,
overall demand grew by 11% in high technology and by 7% in telecoms.
Paul Danos, dean of the Tuck School of Business at Dartmouth College, explains the enduring
appeal of top international MBA programs. Demand for graduates of top MBA programs by
the great businesses of the world continues to be strong. As businesses grow in complexity
and scope, companies need more and more skilled and well-educated leaders, says Danos,
who is stepping down as dean in 2015. Danos says he foresees no end to the insatiable
demand of top businesses to employ high-quality MBA talent.
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By contrast MBA demand growth in emerging markets, which has outstripped Western
markets in recent years, is beginning to settle down to more sustainable rates. All in all the
qualification seems to be entering a more mature phase in terms of employer patterns of
hiring.
The table below shows the year-over-year change in numbers of MBA job opportunities
reported by employers in 2014, by region and their expectation for 2015. The business
cycle plays a major part in the short-term trends in MBA hiring, with local demand patterns
fluctuating quite rapidly.
Projected Change
2015/14
2%
12%
Asia-Pacific
11%
8%
World Region
Eastern Europe
10%
5%
Latin America
7%
8%
US & Canada
10%
9%
Western Europe
0%
3%
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Mauro Guillen, director of the Lauder Institute at Wharton, emphasizes that since 2008 a
higher percentage, perhaps as many as two out of every three international students, are
returning to work in their home countries, or in emerging markets, rather than staying in the
USA.This trend, however, could lose steam if emerging-market growth falters, as it has already
in Brazil.
The table below shows the top ten countries by volume of MBA hiring.
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Rank 2014
Rank 2013
India
China
Mexico
United Kingdom
South Korea
Argentina
Canada
12
Brazil
Singapore
10
11
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Country
Russia
19%
Kazakhstan
18%
China
17%
Switzerland
15%
Mexico
14%
Colombia
13%
South Korea
13%
12%
Saudi Arabia
12%
10
Canada
12%
10%
9%
The recovery of the US economy has previously been shaky and seemed to have held
back confidence in increasing MBA hiring numbers, but this changed in the past year. The
stabilization of the financial services, the recovery of some manufacturing industries and the
return of new MBA employers, all look set to create strong demand in 2014.
Technology companies are underpinning the growth in demand in the USA, with the big
brands like Google, Amazon and IBM at the forefront. Miriam Park, who heads up Amazons
MBA recruiting team, says, We love MBAs because theyre strong analytical thinkers and
problem solvers. They are a strong pipeline of leadership talent for the long-term. Endeca
(Oracle) is very active as are international companies like Samsung.
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Internship programs still the favourite screening mechanism of MBA recruiters have been
a popular first step for companies testing the MBA recruitment market, and this year saw the
birth of several. Look for a steady increase in the number of internship opportunities as firms
continue the trend towards the try before you buy approach.
The US job search continues to be a challenge for international students seeking the coveted
H-1B visa. The HR manager at KIMC in the US told TopMBA.com Visa issues can cause
problems. However, in our case, the STEM (Science,Technology, Engineering and Mathematics)
visa extension has helped.
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2014/13
2015/14
+8%
+7%
The QS TopMBA.com Employer Survey reveals a 14% increase in MBA demand in Mexico, 9%
uplift in MBA jobs in Brazil, and a 13% increase in MBA jobs in Colombia.
Professional service companies like Ernst & Young, Deloitte, KPMG, Accenture and IBM all
report big jumps in MBA hiring throughout Latin America, with the biggest increases in
Argentina.The attractions of Buenos Aires seem to be a factor for these professional service
companies.
Mining and industrial companies are adding to the demand for MBAs. Companies like Senac
Mines in Brazil and Grupo Elektra in Mexico are very active.
Many European banks now own the major Latin American banks and they actively recruit
MBAs, as do consultancies and major industrial companies. The biggest such recruiters are
BBVA and Banco Santander, which have emerged as regional banking leaders in Latin America,
though HSBC is not far behind.
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2014/13
2015/14
+0%
+3%
MBA hiring in financial services has seen some improvement in 2014. The financial centres
of London and Frankfurt are recovering and bank profits have begun to pick up once again,
but MBA hiring is still restrained. Many European banks have strengthened their capital/asset
ratios and are now highly liquid and looking for talented traders to make good use of all the
cheap government money available in the system. BNL in Italy, Paribas and Santander are
amongst the European banks with optimistic projections for 2015 MBA recruitment.
The German economy is usually the engine of MBA demand in Western Europe. Siemens,
BMW and Daimler Benz are examples of German companies with longstanding MBA
recruitment programs. Strong demand for German goods in Asia in particular, has fuelled a
demand for Asian MBAs to join German companies. Likewise, many service companies are
desperate to recruit German MBAs to serve their successful German clients.
Another source of growth in Europe is bi-lingual Chinese-European language speakers.
Europe gradually has to acclimatize to Chinese investment in European business and China is
also becoming a major market for European exports. As a result, future business leaders with
experience of both China and Europe are rapidly increasing in demand amongst recruiters.
We do see increased interest in hiring Chinese MBAs and international MBAs who speak the
major Chinese languages, reports Vinika D. Rao, executive director of the Emerging Markets
Institute at INSEAD, which has campuses in France and Singapore where MBA students study.
Currently, the focus continues to be primarily on China, Hong Kong and other Asia-based
positions. However, as Chinese investment in Europe grows, we anticipate increased interest
in hiring bilingual MBAs who can communicate effectively and adapt comfortably to both the
site office in Europe and the HQ in China.
2014/13
2015/14
10%
5%
Russia has sustained strong growth in MBA demand throughout the recent world financial
crisis and is projected to have a further surge in MBA hiring in 2014, fuelled by the energy
boom and expansion of the financial services sector. PricewaterhouseCoopers is typical of
Western consultancies hiring significant numbers of MBAs within Russia.
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Elizaveta Komolova, an HR consultant with Morgan Hunt in Moscow, told TopMBA.com that
Russian companies are looking to hire more and more MBAs compared to recent years. An
MBA is becoming a default attribute of a successful manager.
Komolova adds MBAs in Russia are expected to be more practice-oriented, have more
structured knowledge and a broad business network. MBAs are known for their ability to
think long-term and use their business contacts for the best.
Kazakhstan and Azerbaijan are oil economies that are encouraging their local young
professionals to study for an MBA. Strong demand in energy and finance has resulted in a
strong uplift in MBA demand in both ecomomies since 2010. Central governments are also
encouraging state-backed companies to recruit more MBAs, both locally and internationally.
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Good Czech or Hungarian candidates are highly sought after, but mainly outside their home
countries. Romania has a growing domestic demand for MBAs, and increasingly EU recruiters
are hiring these nationals who now hold EU citizenship.
2014/13
2015/14
11%
8%
Without a doubt, the TopMBA.com International Employer Survey is reflecting the emergence
of more and more Asian companies seeking MBAs they represent over a quarter of total
respondents. Some employers are willing to hire from local business schools at relatively low
salary levels, whilst other Asian employers remain fully committed to hiring from top North
American, European and Australian business schools and are often willing to pay the higher
salaries expected by graduates of those schools, with a slight cost of living adjustment. The
rise of an elite cadre of Asian business schools is underway, but will probably take another ten
years to be fully established.
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For the last few years, the most dynamic MBA market has been India, which has experienced
an explosion in employer demand for MBAs, at least those from top-tier programs. India
reports similar levels to the USA in terms of volume of reported MBA jobs for fresh graduates.
But among the many Indian companies that responded to the QS Employer Survey, there are
several distinct groupings. Whilst multinational employers still have a strong preference to
recruit MBA graduates from international business schools, local companies concentrate on
locally educated MBAs.The majority of Indian employers are actively looking to recruit from
local business schools like the IIMs, the Indian School of Business as well as many others.
Other local Indian companies that are looking for MBAs without work experience, almost
as an alternative to a fresh undergraduate, are offering salaries below US$30,000. These
employers have been excluded from the results of the survey.
Demand for MBAs in China is also strong and getting stronger. It is ranked as the third largest
MBA market in the world. Banks in China are recruiting large numbers of MBAs. China
seems to be maturing as an MBA hiring market with a good number of opportunities in the
professional services and consulting sectors, although these numbers are now growing more
slowly than some other sectors. The projected demand levels from IT / computer services
surpassed consulting for the first time in 2014.
As reported last year, demand is so strong that the Municipality of Shanghai has funded the
launch of its own local business school Shanghai Advanced Centre for Finance - to compete
with other local schools like CEIBS and Cheung Kong Business School. Employers in China
could not find enough Chinese MBAs returning from US and European business schools,
spurring the local government into action.
South Korea is joining the MBA party in Asia. Fuelled by big multinationals like Samsung, LG
and Hyundai, South Korea is reporting 13% growth in MBA demand in 2014. South Korean
employers told TopMBA.com they valued MBAs for their passion and attitude, strategic
thinking and leadership skills.
Japan is a mature MBA market, with a long tradition of companies sponsoring students to
study at Western business schools.Yet here too we see vibrancy with 10% growth in 2014.
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2014/13
2015/14
2%
12%
Even so, the UAE seems to be on the path to recovery, also showing a 12% increase in MBA
demand led by banking, energy and IT companies with offices in the UAE. Banks like Standard
Chartered are basing much of their back office operations globally in Dubai.
5.2.
Two of the biggest MBA job markets by volume of job opportunities have traditionally been
financial services and consulting (with 22% and 12% of total MBA demand respectively) which
require the technical skills and high levels of motivation that MBAs are so well-suited to
provide. However, the volume of job opportunities from financial services declined by 2% in
2014 from 24% in 2013.
The second largest sector for MBA demand is IT/Computer Services at 13% of the total
share of MBA jobs, a 4% incline in comparison to its 2013 volume. Recruitment/HR is gaining
ground as a top destination for MBA graduates and accounts for the fourth highest job share.
Increasing demands on human resources departments have driven the need for skilled HR
managers.
27
In addition to showing these shares of the MBA job market, the table below also shows the
growth in reported jobs by sector in both 2014 and forecast for 2015.
Growth 2014/13
Aerospace / Defence
1%
-12%
0%
Construction / Property
2%
12%
10%
12%
9%
8%
7%
11%
8%
Energy
4%
18%
5%
Consumer Goods
1%
12%
5%
22%
7%
5%
IT / Computer Services
13%
8%
12%
Law
1%
37%
21%
Manufacturing / Engineering
5%
10%
13%
Sectors Worldwide
Growth 2015/14
0%
11%
2%
Metals / Mining
2%
10%
1%
4%
9%
0%
2%
8%
8%
Recruitment / HR services
9%
9%
9%
Retail
2%
0%
4%
Telecoms
5%
7%
11%
Transportation / Distribution
1%
-2%
-3%
1%
8%
1%
Utilities
0%
10%
1%
Other
7%
8%
8%
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28
The table below looks at growth in consultancy demand by region. As we enter a likely period
of economic growth, consultancies tend to acquire a different type of project compared to
recessionary environments. Big recession projects like business restructuring and process
re-engineering tend to dry up, to be replaced by M&A and strategic growth projects. This
adjustment can take a year or so to work through from pipeline to live assignments and this
particularly seems to be the case in Africa & Middle East where economies are recovering but
this has not yet been reflected in consulting growth, resulting in a decline in MBA demand in
2014. By contrast consulting firms in other regions have worked through this phase and are
experiencing something of a boom. In Latin America,Western Europe and the US and Canada
consulting firms are hiring accordingly, creating lots of opportunities for internationally
flexible MBAs.
2014/13
-4%
Asia-Pacific
8%
Eastern Europe
8%
Latin America
15%
US & Canada
11%
Western Europe
8%
Worldwide
9%
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So, what turns a bright new business school graduate into a successful banker? Nebal Fahed,
head of graduate recruitment Americas for Deutsche Bank, says personality is a big piece
of the puzzle. While numerical ability is certainly essential, the sheer scale of our business
means that we need MBA students from a wide range of disciplines and backgrounds, Fahed
says. We look for high achievers with the intellectual curiosity and the determination to
deliver innovative solutions for our global clients.
Most people associate investment banking with mergers and acquisitions, but most of the top
banks look to recruit MBAs into global markets (sales and trading securities, fixed income
and derivatives), managing assets, structured finance, corporate finance and increasingly onand-off balance sheet hedge funds. There are also many back office positions in risk, financial
control and technology.
29
Changes in regulations are creating more MBA opportunities. Market risk and compliance
departments are seeing increased MBA hiring as banks seek greater security and control
of risky investment classes. In fact, an overall emphasis on compliance experience may be
spreading throughout the financial services industry.
Another new feature in recent years has been the entrance of hedge funds, private equity
and venture capital houses into MBA recruiting in significant numbers. In the past they
have focused on more experienced MBA alumni recruited through a network. Today, they
are recognising the need to recruit younger MBA graduates to meet the growing market
opportunities. Jairaj Singh, a recruitment consultant specializing in investment banking and
global markets at Michael Page Hong Kong, states that roles available to MBAs have shifted.
Risk and compliance have been key areas of growth, while corporate finance and M&A teams
have become leaner due to cost cutting pressures, he says. There has been relatively strong
activity on the buy side, with client attention focused on China; multiple hedge funds, to which
much risk has been deleveraged, and asset management firms have made their presence felt.
It is not just banks, hedge funds, and private equity shops that recruit MBAs into financial
services. GE Capital is now one of the biggest recruiters of MBAs worldwide. American
Express is also emerging as a major player. Insurance steadily hires MBAs. In the US there
are a number of insurance companies that recruit ten or more MBAs each year such as AIG,
Travellers, CIGNA and Liberty Mutual.
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30
2014/13
-14%
Asia-Pacific
9%
Eastern Europe
14%
Latin America
0%
US & Canada
21%
Western Europe
2%
Worldwide
8%
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2014/13
18%
Asia-Pacific
16%
Eastern Europe
5%
Latin America
5%
US & Canada
12%
Western Europe
11%
Worldwide
12%
31
Manufacturing and general industry were among the success stories of the North American
market, with many companies repatriating operations from overseas back home, creating
demand for general managers. But Asia will not give up the fight easily and still outstripped
the USA in terms of demand growth. Our General Industry category is a broad grouping
of industries covering aerospace, automotives, chemicals, logistics, manufacturing and steel.
Each industry reveals individual trends, but a common theme is the continued recovery in
MBA hiring.
More and more industrial companies are fully embracing globalization and understand that
MBAs represent an essential pool of international managers who are capable of working
in diverse cultures and business situations. In particular, multinational supply chains and
procurement require internationally minded, multilingual managers, making MBAs a natural
talent pool.
A sizeable number of MBAs who do find roles in the industrial sector will do so with
multinational companies such as General Electric, Samsung, Toyota and Motorola, where
specific MBA training programs have been the norm for over a decade. Internationally minded
European companies like Siemens have established MBA entry programs as well.
The energy sector continues to report strong MBA recruiting with an 18%
increase in MBA jobs in 2014. There seem to be three drivers of this trend. First of all the
search for alternative energy sources is attracting many MBAs into smaller, entrepreneurial
organizations. Secondly, many of the big oil companies will need to replace their senior
management over the next ten years as they come up for retirement. Finally, the growth of
renewable energy sources is creating demand for new talent. Todays ever-changing energy
landscape with increasing focus on renewables, energy security and energy efficiency creates
exciting career opportunities, says Zeynep Flouret, assistant director of the INSEAD Career
Development Centre. According to INSEADs 2013 Employment Statistics, energy giants
remain solid recruiting partners of INSEAD but career opportunities in energy come from a
wide range of sources including entrepreneurial firms. Exxon Mobil and BP are among the
largest MBA employers in the energy sector, though the impact of the 2010 Gulf of Mexico
oil spill cast a shadow over the prospects of all big players in the oil sector as governments
increase regulations to limit drilling.
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Consumer goods companies have been committed to MBA hiring in the US for many years,
but MBA careers in this sector have grown slowly in Europe and Asia, with worldwide growth
at a very respectable 12% in 2014. Johnson & Johnson Consumer Products traditionally hires
many MBAs in the US and around the world; this program has remained unchanged in recent
years. By contrast Procter & Gamble has traditionally hired small numbers of MBAs as have
many other consumer goods companies. But the situation is changing and it is now common
for both local operations and head offices of consumer goods companies like Diageo, BAT
and Coca Cola to hire significant numbers of MBAs.
32
2014/13
0%
Asia-Pacific
2%
Eastern Europe
4%
Latin America
-4%
US & Canada
20%
Western Europe
8%
Worldwide
9%
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5.3.
MBAs come from very diverse backgrounds and industries, with as many as 50% looking
to make a career change after their MBA. This is reflected not just in the wide variety
of companies seeking to employ MBAs, but also the variety of functions they enter after
completing their course. Many companies recruit MBAs into more than one function. At 3M,
for example, MBAs are generally found in one of three functions: HR, finance or marketing/
strategy.
2013
33
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
Strategic Planning
Other Roles
Operations/ Manufacturing
Marketing
IT / Technology
General Management
Finance - Other
Finance - Advisory
E-commerce
Consultant
0%
The chart above shows some significant changes in the functions offered to MBAs in 2014.
Sales/ business development, consulting, finance other, and management continue to account
for the largest proportion of roles offered. However, IT/technology (+5%), marketing (+2%)
and E-commerce roles (+2%) surpassed their 2013 levels.
The heat map table below highlights the shifts in roles offered to MBAs over a four-year
period.The higher the proportion of roles offered, and the darker colour, means more interest
in the particular function in comparison to the previous year.
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34
2011
2012
2013
2014
Consultant
39%
37%
37%
34%
E-commerce
10%
8%
9%
10%
Finance - Advisory
29%
26%
28%
22%
Finance - Other
39%
33%
44%
36%
General Management
43%
41%
44%
36%
IT / Technology
26%
24%
21%
25%
Marketing
44%
41%
36%
38%
Operations / Manufacturing
23%
24%
24%
23%
Other Roles
11%
10%
34%
30%
40%
42%
46%
44%
Strategic Planning
42%
40%
19%
17%
23%
25%
9%
7%
Source: QS TopMBA.com Jobs & Salary Trends Report 2014/15 (www.topmba.com) 5.4.
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6%
5%
6%
7%
27%
1-3 Years
37%
30%
3-5 Years
5-8 Years
8+ Years
20%
9%
40%
28%
28%
39%
37%
19%
20%
19%
2014
5%
2013
7%
2012
8%
35
2011
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Satisfaction
3.00
2.50
2.00
1.50
36
1.00
0.50
CSR
Risk Management
Communications Skills
Strategic Thinking
Relevant Experience
Multi-lingual
Marketing
Leadership Skills
IT / Computer Skills
Intepersonal Skills
International Awareness
Finance Skills
Entrepreneurship
E-Businesss
Academic Achievement
0.00
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European recruiters are more globally minded than their North American counterparts,
with 36% recruiting internationally, up from 22% in 2013, and 20% recruiting across Europe,
down from 29% last year. Nonetheless, close to 50% are recruiting Central Europeans in
particular. Between 24% and 34% of European employers are also very actively looking for
North American, Asian and Latin American candidates.
Regional
Domestic
10%
20%
30%
40%
50%
60%
70%
80%
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US &
Canada
Latin
America
Western
&
Northern
Europe
39%
29%
41%
34%
95%
45%
Asia-Pacific
36%
19%
28%
34%
24%
83%
Eastern Europe
17%
13%
28%
93%
12%
12%
Latin America
20%
97%
15%
10%
8%
9%
US & Canada
99%
10%
13%
10%
7%
15%
Western Europe
32%
24%
87%
49%
26%
28%
Overall
41%
33%
36%
33%
28%
40%
Location of Employer
38
Central &
Eastern
Europe
Middle
East &
Africa
Asia,
Australia
& New
Zealand
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6.
What is happening to MBA compensation in 2014? The QS TopMBA.com Jobs & Salary
Trends Report provides the first and best review of 2014 trends in MBA salary and total
compensation (salary and bonus) based on our survey of 1,632 brand new MBA respondents
and 5,669 actively hiring MBA recruiters contributing salary data between 2011 and 2014.
We also compare our survey results with average salaries self-reported to TopMBA.com by
top schools in each major country and region around the world in 2013. (Business Schools
will not self-report their results for their graduating classes of 2014 until the end of 2014.)
In order to ease comparison, the MBA salaries listed in this section are rounded to the
nearest 100 and displayed in US dollars.
6.1.
39
Overall MBA salaries have increased 4% on average in the mature North American and
Western European markets for the first time in several years, with an average salary of
$94,100 , whilst average MBA compensation in North America (including bonuses) is up a
whopping 14% to $128,566. With evidence of MBA demand picking up steadily in North
America as well as in several European markets, we continue to predict that MBA salaries are
likely to increase again in 2015 in these regions. At the elite end of the MBA hiring market
we see salaries between $110,000 and $150,000 as the norm in North America and Europe.
From the table below, we see that total compensation offered by MBA employers for MBA
hires increased in three of the six regions listed in 2014. The largest increase was by 15%
in the US & Canada from $112,200 to $128,600. MBA compensation increased by 6% in
Central & Eastern Europe to $72,700 and by 3% in Western Europe to $112,600.Total MBA
compensation in Africa and the Middle East suffered the greatest decline of 2014, down
13% to $70,300, whilst Latin American salaries dropped 6% and Asia-Pacific experienced a
marginal loss of 2% from $87,900 to $86,000.
For the purpose of comparison, we look at MBA salaries and bonuses reported by global,
regional and national employers (excluding local employers or employers reporting figures
less than $25,000 per year).
2013
2012
% Change
('14/'13)
% Change
('13/'12)
$70,300
$80,700
$71,900
-13%
12%
Asia-Pacific
$86,000
$87,900
$79,300
-2%
11%
$72,700
$68,800
$71,600
6%
-4%
Region
Latin America
$71,400
$76,200
$75,400
-6%
1%
US & Canada
$128,600
$112,200
$107,500
15%
4%
Western Europe
$112,600
$109,100
$103,100
3%
6%
*Excludes local employers and any employers offering salaries less than $25,000 and employers in
USA paying salaries of more than $250,000
Source: QS TopMBA.com Jobs & Salary Trends Report 2014/15 (www.topmba.com)
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At the elite end of the MBA hiring market we continue to see slight increases in salaries
offered by mainstream global MBA employers. Among strategy consulting firms, for example,
offers between US$110,000 and $160,000 have become commonplace in Europe and the
USA. Amongst investment banks, the offers are between $90,000 and $200,000 a larger
range than in the past.
2013
2012
% Change
('14/'13)
% Change
('13/'12)
$57,700
$65,300
$62,600
-12%
4%
Asia-Pacific
$68,000
$68,300
$63,700
0%
7%
$54,900
$61,700
$61,300
-11%
1%
Latin America
$55,500
$59,000
$58,900
-6%
0%
US & Canada
$97,700
$90,000
$89,400
9%
1%
Western Europe
$90,600
$88,800
$85,200
2%
4%
Region
*Excludes local employers and any employers offering salaries less than $25,000 and employers in
USA paying salaries of more than $250,000
Source: QS TopMBA.com Jobs & Salary Trends Report 2014/15 (www.topmba.com)
In summary, as more employers compete in the global market for top MBA
talent, we observe an equalization of MBA salaries across regions a trend that has
been on-going for over a decade.
~~ Western Europe and North American salaries have risen across most industries.
~~ The gap between the highest international MBA salary region, North America, and the
lowest, Central & Eastern Europe, is now only about 40%, compared to 50% a decade
ago.
~~ MBA salaries in Asia-Pacific vary widely between countries. Australia offers amongst
the highest MBA salaries in the world, five times the level of MBA salaries in Thailand,
where employers offer amongst the lowest MBA salaries in the world.
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MBA salary differentials across regions have been steadily narrowing over the last
ten years. This gradual equalisation in MBA salaries has been driven by several
factors:
~~ There are more multinationals looking to hire MBAs on standard packages
irrespective of the country in which they work (except for perhaps small cost of
living adjustments).
~~ An overall rise in job opportunities for MBAs, relative to supply. As this report
indicates, we have seen a doubling or tripling in demand for MBAs just since 2000, yet
the number of graduating MBAs has grown at a much slower rate (and the number
of MBAs graduating from the top 200 business schools most highly sought after by
employers has remained virtually the same).
41
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6.2. Comparing MBA Salaries in North America and Western Europe 19992014
The financial crisis and subsequent recession in the West certainly had a downward impact
on MBA salaries from 2009 to 2013, but the impact was not severe and from last year there
is evidence of resumed upward pressure on MBA salaries.
Chart: Long Term Trend in MBA Salaries across North America and Western
2003
2005
2006
2007
2008
2009
2010
2011
2012
2013
$94,135
$89,650
$91,500
$95,250
$89,550
$85,000
$83,250
2004
$90,930
2002
$75,200
$73,900
$82,250
2001
$91,379
2000
$92,665
1999
$78,150
$73,800
42
$93,250
Europe
2014
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In 2014 average salaries reported by consulting and professional services came in at $88,250,
which reflects the growth in the number of smaller niche consulting firms around the world
offering salaries lower than the established strategy leaders that are still reporting annual
MBA pay in the $110,000 to $130,000 range.
The lowest average MBA salaries are offered in utilities, law, travel & hospitality, retail and the
public sector, all paying average annual salaries AT OR below ABOUT $80,000.
Table: Average Salaries and Bonuses by Sector - North America and Western
43
Avg. Salary
Avg. Bonus
Total
Avg. Salary
Avg. Bonus
Total
Aerospace / Defence
$75,500
$5,000
$80,500
Construction / Property
$98,350
$16,650
$115,000
$88,250
$18,900
$107,150
$94,950
$17,250
$112,200
Energy
$107,000
$19,950
$126,950
$94,450
$15,600
$110,050
$95,050
$20,550
$115,600
IT / Computer Services
$89,600
$29,200
$118,800
Law
$67,500
$17,500
$67,500
Manufacturing / Engineering
$81,550
$20,650
$102,200
$88,350
$20,850
$109,200
Metals / Mining
$134,250
$33,450
$167,700
$99,200
$27,350
$126,550
$80,150
$15,700
$95,850
Recruitment / HR services
$88,700
$17,600
$106,300
Retail
$74,350
$20,300
$94,650
Telecoms
$92,750
$13,950
$106,700
Transportation / Distribution
$85,850
$10,950
$96,800
$76,450
$8,450
$84,900
Utilities
$79,350
$11,500
$90,850
Other
$86,150
$15,650
$101,800
Education
$72,050
$10,000
$82,050
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~~ Amongst all employers in Europe and North America, the highest paying sector
in 2014 remains metals and mining, offering an average MBA salary of $134,250
($139,000).
~~ Energy, which has seen a surge in employment demand in 2014, jumps into second
place for average salaries on offer, at $107,000.
~~ Pharmaceuticals, dominated by multinationals, have dropped from the top spot in
2012 to third place in 2014, with an average MBA salary of $99,200 ($100,300).
44
~~ Construction/ property placed fourth this year, with average salaries offered of
$98,350 ($97,200). And financial services placed fifth, with an average salary of
$95,050.
~~ The boom in demand for MBA talent among high tech and electronics companies has
triggered a jump in the average salary to $94,950.
~~ Although financial services companies, on average, are not offering the top basic
salary the total compensation in this sector can often exceed $200,000 with bonuses
making up a much higher proportion of the package.
~~ Strategy consulting firms offer salaries between US$110,000 and $130,000 in Europe
and the USA, but there are a growing number of small and niche consulting firms in
the market for MBA talent, resulting in an average salary of just $88,250 ($89,150)
across the sector.
6.4. Regional Review of MBA Salaries & Bonuses in 2014
In the tables below we provide average MBA salaries in selected countries. These figures
are for employers based in each country and recruiting MBAs in that country only. We have
excluded international employers because of the wide variations in responses and to provide
more comparable data year-on-year. These country figures should be used as an approximate
guide only, whereas the regional figures are based on large response samples and are much
more robust.
Country
Average
Salary
(US$)
Switzerland
$122,000
Australia
$115,600
Denmark
$112,000
UK
$98,000
USA
$93,200
France
$89,800
Germany
$89,800
Spain
$83,100
Japan
$83,000
10
Canada
$87,500
2014 Rank
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45
MBA salaries in North America grew by 9% in 2014 and overall compensation grew even
more as bonus growth outstripped salary growth.The recovery in the US market is stronger
than recruiters were anticipating last year and as a consequence MBA hiring companies are
becoming more optimistic once again, which is likely to lead to further compensation growth
in 2015.
United States
93,200
Canada
87,500
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School
Stanford Graduate School of Business
Harvard Business School
U. of Pennsylvania (Wharton)
Northwestern U. (Kellogg)
California
129,652
Massachusetts
124,085
Pennsylvania
120,702
Illinois
119,394
Massachusetts
118,406
California
117,738
U. of Chicago (Booth)
Illinois
115,079
New Hampshire
115,031
Duke U. (Fuqua)
North Carolina
112,751
MIT (Sloan)
46
State
Average
MBA Salary
2013 Class
(US$)
New York
112,728
U. of Michigan (Ross)
Michigan
111,417
U. of Virginia (Darden)
Virginia
111,171
Pennsylvania
110,405
Cornell U. (Johnson)
New York
109,000
NYU (Stern)
New York
107,450
Texas
106,277
North Carolina
105,397
California
104,728
Connecticut
104,147
Georgia
103,453
Washington
102,177
Indiana
101,656
Tennessee
101,308
Texas
101,229
Athabasca U.
98,000
U. of Calgary (Haskayne)
94,264
88,520
York U. (Schulich)
87,000
McGill U. (Desautels)
86,550
Ryerson U.
85,327
U. of Toronto (Rotman)
84,802
U. of Ottowa
83,501
Queen's U.
81,590
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47
The table below shows average salaries by country from companies supplying salary data
in Latin America. Mexico reports the highest average salary, amongst multinationals, at
US$68,700. Mexico has the largest number of MBA employers, with over 50 taking part in
this survey.
Average
Salary (US$)
Year on
Year Trend
Argentina
49,600
Decrease
Brazil
62,900
Decrease
Chile
59,500
Increase
Mexico
68,700
Decrease
Peru
58,800
Increase
Venezuela
36,700
Decrease
School
Business School Sao Paulo
IPADE Business School Universidad Panamericana
INCAE Business School
Country
Average
MBA Salary
2013 Class
(US$)
Brazil
69,000
Mexico
46,958
Costa Rica
41,528
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Switzerland reports the highest average MBA salaries in Europe of $122,000, and the second
highest average MBA compensation in the world in 2014. Denmark reports consistently
high MBA salaries amongst responding employers, reporting an average salary of $112,000
in 2014. The United Kingdom reports the third-highest average MBA salary in Europe at
$98,000. MBA salaries in France, Germany and Spain were all above $80,000.
48
The strength of Swiss MBA salaries in 2014 can partly be explained by the predominance of
financial services companies in Switzerland, which actively recruit MBAs.The strengthening of
the Swiss currency, and the relocation of many multinationals and hedge funds to Switzerland
from London and Frankfurt to reduce their tax bills, also created additional demand for MBA
talent.
Average German MBA salaries at $89,800 are significantly lower than those in Switzerland.
This does not reflect a lack of demand, but quite the contrary. More MBA employers in
Germany are recruiting international MBAs from Asia and the Indian sub-continent at lower
salaries than those paid to native German candidates.
Country
Average
Salary
(US$)
Year on
Year
Trend
Denmark
112,000
Decrease
France
89,800
Increase
Germany
89,800
Increase
Italy
73,200
Decrease
Spain
83,100
Decrease
Switzerland
122,000
Increase
United Kingdom
98,000
Increase
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Country
Average
MBA Salary
2013 Class
(US$)
IMD
Switzerland
131,566
St Gallen
Switzerland
130,000
School
IESE
Spain
117,260
Belgium
116,475
HEC Paris
France
115,079
INSEAD
Mannheim Business School
London Business School
U. of Cambridge (Judge)
France
114,418
Germany
114,000
UK
113,737
UK
109,647
Denmark
109,194
ESMT
Germany
108,750
IE Business School
Spain
105,200
SDA Bocconi
Italy
100,030
UK
100,000
49
Country
Average
Salary
(US$)
Year on
Year
Trend
Russia
73,300
Increase
Greece
35,500
Decrease
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School
Moscow U. (Touro)
CEU Business School
CMC Graduate School of Business
Warsaw U. of Technology Business School
50
Country
Average
MBA Salary
2013 (US$)
Russia
70,000
Hungary
63,500
Czech Republic
50,000
Poland
46,000
6.4.5. Asia-Pacific
Within Asia-Pacific, Australia remains the salary leader in 2014, with an average salary of
$115,600. Japan reports the next highest compensation in the region, $83,000, followed by
South Korea at $67,500. China reported strongly increasing MBA salaries in 2014.
Asia-Pacific is a large territory and MBA salaries vary significantly between countries.
Southeast Asia, India and China have typically reported much lower MBA salaries than more
mature markets like Japan, Korea or Australia.
This differential is really emphasized if we look at salaries offered by the many local MBA
employers entering the marketplace. They offer salaries as low at $25,000 and are targeting
MBAs from local business schools, especially within India and China, many of whom are
happy to accept these lower salaries a sharp contrast with the graduates of established
international business schools.
The table below shows average salaries by country from over 500 international MBA
employers supplying data in the Asia-Pacific region.
Country
Average
Salary ($)
Year on
Year
Trend
Australia
115,600
Decrease
China
62,300
Increase
India
53,200
Decrease
Japan
83,000
Increase
South Korea
67,500
Increase
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Asian multinational employers targeting top international business schools are becoming
more competitive and offering salaries that compare directly with their Western counterparts.
In addition, salaries at local business schools are catching up with Western schools as they
increasingly attract international candidates to meet the needs of local employers.
Table: Best MBA Salaries Reported By Schools in Asia in 2014 (above $50,000)
Country
Average
MBA Salary
2013 Class
(US$)
China
116,475
Hitotsubashi GSICS
Japan
108,462
CEIBS
China
81,000
IIM Amedhabad
India
66,888
School
Vlerick Business School China
HKUST
Hong Kong
64,000
U. of Hong Kong
Hong Kong
55,000
Singapore
53,016
South Korea
53,000
Japan
50,200
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School
Average
MBA Salary
2013 Class
(US$)
U. of Queensland
145,280
120,310
110,000
99,771
Queensland U. of Technology
99,300
Monash U.
85,000
70,476
Australian National U.
63,000
Bond U.
58,000
U. of Western Australia
50,000
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Year on
Year
Trend
Saudi Arabia
51,600
Decrease
72,100
Increase
Country
52
Table: Best MBA Salaries Reported By Schools in Africa & Middle East in 2014
(above $50,000)
Country
Average
MBA Salary
2013 Class
(US$)
South Africa
72,115
U. of The Witwatersrand
South Africa
55,148
South Africa
54,240
UAE
52,000
South Africa
50,000
School
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